18 Feb 2020 | 12:16 pm | 1 min. read
Multinational firm Pinsent Masons has advised laser communications company, Mynaric AG on its €12.3 million, 10% cash capital increase.
The new shares were placed by Hauck & Aufhäuser Privatbankiers AG, Frankfurt am Main, by way of a private placement to qualified investors in Germany and by Beech Hill Securities, Inc. in the USA - there exclusively in accordance with the provisions of Rule 144A of the US Securities Act of 1933 - and generated proceeds of almost EUR 12.3 million.
Mynaric develops products for laser communication. Laser beams offer a much higher bandwidth than conventional methods of data transmission. A possible mass market for these products is currently emerging in the form of so-called satellite constellations.
Commenting on the deal Thomas Mayrhofer said: "Pinsent Masons previously advised Mynaric on its initial public offering and regularly provides corporate law advice. This mandate underscores Pinsent Masons’ advanced manufacturing and technology sector expertise and demonstrates the firm’s ability to provide one stop legal services for the placement of shares in Germany and in the U.S. in accordance with Rule 144A under the US Securities Act."
Mynaric made use of the existing authorised capital and increased its share capital of EUR 2,904,304 to EUR 3,194,734 by issuing 290,340 new registered shares against cash contributions.
Mynaric intends to use the funds from the capital increase to further expand the production of its laser communication products, to expand customer acquisition, particularly by strengthening its activities in the USA, and to secure and strengthen its competitive position through further research and development.
The Pinsent Masons team, led by Capital Market partners Dr. Susanne Lenz and Thomas Mayrhofer, acted as transaction counsel for the deal.
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